Indian equities extended their recovery on Tuesday, buoyed by easing crude oil prices, a retreat in US Treasury yields and renewed buying interest from foreign institutional investors (FIIs), as improving global cues helped alleviate recent macroeconomic concerns.
The Nifty 50 rallied 370 points, or 1.58%, to settle at 23,811, while the BSE Sensex surged 1,225 points, or 1.62%, to close at 76,918.
The buying momentum extended to the broader market, with the Nifty Midcap 100 rising 1%, while the Nifty Smallcap 100 advanced 0.31%, indicating a broad-based improvement in investor sentiment.
Sectorally, FMCG stocks led the rally, with the Nifty FMCG index jumping nearly 4%. The Nifty Realty index also gained over 2%. However, the recovery was not uniform, as the Nifty PSU Bank index bucked the broader trend, declining more than 1%.
Market breadth on the NSE turned firmly positive, reflecting widespread buying interest. Of the 3,713 stocks traded, 2,127 advanced, 1,477 declined and 109 ended unchanged.
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Here are today’s top gainers on the Nifty
Here are today’s top gainers on the Sensex
Here are today’s top losers on the Nifty
Here are today’s top losers on the Sensex
Nifty has strengthened its technical structure by reclaiming its 100 DMA on the daily chart, following the recovery above its 50 DMA in the previous session. Additionally, the index has broken above its previous swing high, indicating improving bullish momentum, according to Vatsal Bhuva, Technical Analyst at LKP Securities.
"The next major hurdle is placed at 24,000, where the 200 DMA is positioned. On the downside, 23,600 will act as immediate support. Traders may consider partial profit booking near 24,000 while holding the remaining long positions with a stop-loss at 23,600," said Bhuva.
Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here
